GN (A) 35- Guidance Note on Accounting for Depreciation in companies in the context of Schedule II to the Companies Act, 2013 Background 1. Schedule II to the Companies Act, 2013, specifies useful lives for the purpose of computation of depreciation. The said Schedule II was further amended by the Ministry of Corporate Affairs (MCA) […]
The initial assessment year has been defined and the expression or’ has been used in respect of new units by stating commences operation’ or complete substantial expansion’. Here the expression or’ is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation.
Ministry of Corporate Affairs issued a notice dated February 09, 2016 invited for comments on Revised Schedule III applicable to a company required to comply with Ind AS. Internationally IAS 1 – Presentation of Financial Statements prescribes the minimum set of requirements for IFRS compliant financial statements. However, it does not prescribe the exact order […]
Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA
ITAT Mumbai held In the case of M/s. Radiant Premises Pvt. Ltd. vs. ACIT that the phrase rent received and receivable u/s 23, contemplates the amount received for the enjoyment of the property and certain rights in the said property by the tenant.
Madras High Court held In the case of M/s. Anusha Investments Ltd. vs. ITO that in the present transaction, admittedly there is no tax liability on the purchase of shares. As a result, the question of deducting tax at source and the assessee violating the provisions of Section 195 does not arise
This is taxing time of the year. All of us have to make good the shortfall in the investment required to be made for availing the tax benefits available for investments. Since the equity are very volatile and since the time left is very short a lump sum investment is not advisable in Equity Linked Saving Schemes.
OPC has only one shareholder/member that give him power to run the business of the company solely on his decision, i.e., OPC gives MONOPOLY IN MANAGEMENT. Although, a maximum number of 15 directors can be appointed in OPC but it’s a benefit as more Directors can run management smoothly, and is not any legal obligation.
CA Surbhi Nahata Earlier with old scheme only some specified services were taxed, but now with the new scheme all the services except negative list of services are taxed. Negative list of services is altogether a new concept put forward in Budget 2012 wherein the services covered in this list is out of the ambit […]
Background a) CBDT vide its notification 2/2016 dated 3-Feb-2016 has prescribed Procedure, Formats and Standards for ensuring secured transmission of electronic communication. b) I am thankful to Sandeep for providing scope for a preliminary article on this topic at https://taxguru.in/income-tax/ready-email-assessment.html c) An attempt is being made to trace the difference in manual or physical submissions […]
